The introduction of Payment Services Directive (PSD2) across the Nordic countries and the EEA (European Economic Area) aims to regulate payment services and payment service providers across the region.
The key objective of PSD2 is to create a single integrated market for payment services with standardized regulations for the banks and payment service providers (PSP/AISP). PSD2 also seeks to increase competition and participation in the payments industry from non-banks.
The directive allows third-party providers access to customer account data from the respective banks which in turn is used to initiate direct payments.
Why a PSD2 Guarantee is required
In order for a PSP/AISP to operate the provider must have a license issued by the local FSA. To get this license, the PSP/AISP must provide a guarantee to the FSA.
Nordic Guarantee has pioneered the development of a PSD2 Guarantee for the Nordic market to address the needs of PSP/AISP to fulfil this licensing requirement. The guarantee covers potential claims, whether caused by error or breaches in data security. Nordic Guarantee’s innovative product is underwritten on commercially attractive terms by a team of technical experts.
Nordic Guarantee is the obvious choice when you need a PSD2 guarantee!